Solaire operator nets P7.2 billion in 2018
BLOOMBERRY Resorts Corp. grew its attributable profit by 18% in 2018, driven by higher revenues across both gaming and non-gaming segments.
In a regulatory filing, the owner and operator of Solaire Resort and Casino reported a net income attributable to the parent of P7.19 billion, higher than the P6.07 billion it delivered in 2017.
This came on the back of a 14% uptick in consolidated net revenues to P38.22 billion.
“I am pleased to report that Bloomberry continues to be a trailblazer in the Philippine gaming and entertainment scene with our world-class integrated resort offering, Solaire Resort and Casino, delivering record revenues and profits in 2018,” Bloomberry Chairman and Chief Executive Officer Enrique K. Razon, Jr. said in a statement.
Total gross gaming revenues (GGR) at Solaire climbed 14% to P50.97 billion, as VIP volumes hit a record high of P810.23 billion. VIP win rate stood at 2.69%, resulting to a VIP GGR of P21.82 billion, five percent higher year on year.
With this, promotional allowances and contra accounts as percentage of GGR went down to 32%, from 34% in 2017, even as the cost increased by 10% to P16.63 billion.
The mass market segment also recorded higher volumes for the year, with mass table drops rising by 22% to P44.89 billion and electronic gaming machine coin-in climbing 15% to P211.88 billion.
With this, mass table revenues firmed up by 27% to P15.26 billion, while EGM revenue gained 27% to P13.9 billion.
For its non-gaming segment, Bloomberry clocked in an 11% increase in revenues to P6.62 billion. The company benefited from higher hotel occupancies at the Bay and Sky Towers at 92.6%, as well as more productions in the Theatre at Solaire and higher rental income from tenants at its retail strip called The Shoppes.
Meanwhile, Bloomberry’s operations in Korea through Jeju Sun Hotel & Casino delivered P484 million in gaming revenues, despite gambling prohibitions for locals.
“We look forward to 2019 and to sowing the seeds of our future growth, as we anticipate to break ground on our second integrated resort in Quezon City this,” Mr. Razon said.
Bloomberry will start the construction of its second integrated resort and casino in the country by the middle of 2019. Set to be located within Vertis North, Quezon City, the company expects to open the property by 2022.
Shares in Bloomberry soared 2.33% or 26 centavos to close at P11.40 each at the stock exchange on Tuesday. —